The company estimates that around a quarter of those companies required to move to IFRS from next year are still well behind in their preparations and could suffer when it comes time to report under the new regime.
Such under-preparedness could cause problems for the market at a time when comparability will already be difficult, according to Allister Wilson, E&Y’s UK head of financial reporting.
‘The danger is that if the market doesn’t understand the changes it adopts a sell now, understand later approach,’ said Wilson. He added that for under prepared companies there was an additional risk that it ‘cannot respond to market queries’.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.